USDJPY 111.00 now possible
The US dollar has moved above the psychological 110.00 level against the Japanese yen currency for the first time in over one-year today. A key multi-year trendline has now been broken, which means that the upside in the USDJPY pair is likely to accelerate. The 111.00 resistance level is likely to be the next major upside target for the USDJPY pair now that the 110.00 level has broken.
The USDJPY pair is only bullish while trading above the 109.85 level, key resistance is found at the 110.50 and 111.00 levels.
The USDJPY pair is only bearish while trading below the 109.85 level, key support is found at the 109.00 and 108.60 levels.